California > Statewide > Department Of Real Estate > Subdivisions
Assessment Security Agreement And Instructions To Escrow Depository RE 643 - California
| Assessment Security Agreement And Instructions To Escrow Depository Form. This is a California form and can be used in Subdivisions Department Of Real Estate Statewide . |
|
||||||
 Get this form for FREE as a print-only pdf |
|||||||
|
STATE OF CALIFORNIA DEPARTMENT OF REAL ESTATE Serving Californians Since 1917 ASSESSMENT SECURITY AGREEMENT AND INSTRUCTIONS TO ESCROW DEPOSITORY - Reg. 2792.9 RE 643 (Rev. 8/09) NAME OF OWNERS ASSOCIATION ASSOCIATION ADDRESS, CITY, STATE, ZIP CODE NAME OF SUBDIVIDER SUBDIVIDER ADDRESS, CITY, STATE, ZIP CODE NAME OF SUBDIVISION SUBDIVISION TYPE OF SUBDIVISION DRE FILE NUMBER COUNTY NAME OF ESCROW-HOLDER ESCROW HOLDER ADDRESS, CITY, STATE, ZIP CODE ESCROW ACCOUNT NUMBER PART ONE -- ASSESSMENT SECURITY AGREEMENT 1. This Assessment Security Agreement ("Agreement") is made this _________ day of __________________________, BBBBBBB E\ DQG EHWZHHQ WKH 6XEGLYLGHU DQG WKH $VVRFLDWLRQ LGHQWL¿HG DERYH 2. Recitals. A. Property to Which Agreement Applies. (Interests to be covered by the Public Report). Subdivider is the owner of certain real property described as: ________________________________________________________________ ____________________________________________________________________________________________ _____ _______________________________________________________________________________________ __________ __________________________________________________________________________________ _______________ Records of ______________________________________________ County, California (herein "the Subdivision"). B. Public Report. Subdivider has applied for a California Department of Real Estate Public Report ("Public Report") covering the Subdivision. Prior to obtaining the Public Report, the Subdivider is required pursuant to the provisions of Section 2792.9 of Chapter 6, Title 10, California Code of Regulations to make and retain in full force and effect arrangements securing Subdivider's obligations as an owner of separate interests covered by the public report to pay regular and special assessments. 3. Secured Obligation. Subdivider shall pay, as and when due, all regular and special assessments which are levied by the Association against separate interests owned by the Subdivider in the Subdivision from the date hereof. The secured obligation to be in full force and effect until title to 80% of the separate interests in the Subdivision have been conveyed or leased with a term of one year or more. 4. Security. To secure the performance of the obligation described in Part One, Paragraph 3, above, the Subdivider has procured the issuance of the: Surety bond in the sum of ___________________________________________________ Dollars ($__________), American LegalNet, Inc. www.FormsWorkFlow.com RE 643 Page 2 of 5 to the Association, as obligee, Letter of credit in the sum of __________________________________________________ Dollars ($__________), WR WKH (VFURZ +ROGHU LGHQWL¿HG DERYH IRU WKH EHQH¿W RI WKH $VVRFLDWLRQ Set-aside letter in the sum of ________________________________________________ Dollars ($___________) WR WKH (VFURZ +ROGHU IRU WKH EHQH¿W RI WKH $VVRFLDWLRQ a copy of which instrument is attached to this Agreement as an Exhibit, or cash deposit in the sum of _______________________________________________________ Dollars ($___________) KDV EHHQ GHSRVLWHG ZLWK (VFURZ +ROGHU IRU WKH EHQH¿W RI WKH $VVRFLDWLRQ The term "Security" as used in this Agreement refers to the cash deposit, surety bond, letter of credit, or set-aside letter LGHQWL¿HG DERYH WRJHWKHU ZLWK DQ\ IXQGV GUDZQ WKHUHXQGHU KHOG E\ WKH (VFURZ +ROGHU 5. Set-Aside Letter. ,I WKH 6HFXULW\ LV D VHWDVLGH OHWWHU IXQGV LQ WKH VXP VSHFL¿HG DERYH ³)XQGV´ ZLOO EH UHWDLQHG LQ D VHSDUDWH DFFRXQW FRQWUROOHG DQG DGPLQLVWHUHG E\ WKH ,VVXHU XQWLO IXOO DQG ¿QDO SHUIRUPDQFH E\ 6XEGLYLGHU RI 6XEGLYLGHU¶V obligations under Part One, Paragraph 3 of this Agreement, or until disbursed in accordance with the terms of the setDVLGH OHWWHU 7KH 6XEGLYLGHU KHUHE\ JUDQWV WKH $VVRFLDWLRQ D VHFXULW\ LQWHUHVW LQ WKH )XQGV WR VHFXUH WKH SHUIRUPDQFH RI the obligation described in Part One, Paragraph 3, above. 6. Enforcement and Release of the Security. If the Subdivider fails to perform the Subdivider's obligation under Part One, Paragraph 3 of this Agreement, the Association shall have the right, whether through enforcement of the Security, demand upon funds drawn thereunder held by the Escrow Holder, or otherwise, to receive such sums as may be required to satisfy the obligation of the Subdivider under Part One, Paragraph 3 of this Agreement, and the Subdivider shall, without regard to any other disputes or negotiations then existing, immediately take any and all actions and execute any and all documents as may be required to cause such sums to be paid to the Association. Any amount received by the Association directly from the Subdivider or from proceeds of the Security shall be credited against any claim by the Association arising out of the Subdivider's failure to perform the Subdivider's obligations under this Agreement. Upon full DQG ¿QDO SHUIRUPDQFH E\ 6XEGLYLGHU RI 6XEGLYLGHU¶V REOLJDWLRQV XQGHU WKLV $JUHHPHQW WKH $VVRFLDWLRQ VKDOO ZLWKRXW regard to any other disputes or negotiations then existing, immediately take any and all actions and execute any and all documents reasonably necessary to cause the Security to be released and exonerated. 7. 3URYLVLRQV IRU $UELWUDWLRQ RI &RQÀLFWV In the event there is a dispute between the Subdivider and the Association with respect to this Agreement, or the enforcement, exoneration, or release of the Security, the issue or issues shall, at the request of either Subdivider or Association, be submitted to arbitration, in accordance with the Commercial Arbitration Rules of the American Arbitration Association ("AAA") before an arbitrator selected from the panels of the arbitrators of said AAA. In the event of referral to arbitration, Subdivider will remit the fee to initiate the arbitration. The parties agree, however, that the costs of arbitration shall ultimately be borne as determined by the arbitrator. The parties further agree to abide by the determination of the arbitrator with respect to the enforcement, exoneration or release of the Security and with respect to payment of the costs of arbitration. 8. Attorney's Fees. In any action or proceeding arising out this Agreement, the prevailing party or parties shall be entitled to reasonable attorney's fees. 9. Obligations of Parties; Assignment. This Agreement and the rights and obligations of each of the parties are personal to such parties and may not be transferred or assigned without the prior written consent of the other, except that Subdivid
|
|||||||
